In the offshore world as elsewhere, tough economic conditions made 2022-23 a rough year. ‘With uncertainty in the global markets, high inflation, and high interest rates, there was a lack of certainty in some corporate areas where companies didn’t necessarily want to deploy their capital,’ says Bedell Cristin group managing partner Tim Pearce.
Appleby group managing partner Malcolm Moller echoes this: ‘The challenges posed by rising inflation, turbulent financial markets, and supply chain disruptions in 2023 highlighted the importance of resilience, flexibility, and proactive planning in navigating the complexities of the global business environment.’
But as 2023 moved into 2024, economic waters began to calm. Pearce continues: ‘2023 was a mixed year with some green shoots, but we’ve seen even more of those green shoots in 2024, particularly with some political certainty emerging. Another big factor of uncertainty in 2023 was that over half the world’s population was heading into elections in 2024, including in the US, UK, France, and importantly for us, Indonesia. This meant people wanted to hold onto their capital until there was political and economic certainty, as there can be winners and losers in those situations.’
‘With a new Labour government and the anticipation of their policies, we’ve seen renewed interest in the high-end property markets in both Guernsey and Jersey.’
Jason Romer, Collas Crill
Collas group managing partner Jason Romer concurs: ‘2024 has proved to be a strong year, particularly with a significant and recent uptick in corporate and financial services. Our litigation practice continues to go from strength to strength. It’s fair to say the property markets were subdued last year due to interest rates and other factors. However, with a new Labour government and the anticipation of their policies, we’ve seen renewed interest in the high-end property markets in both Guernsey and Jersey. Property partners who were quieter last year are now extremely busy. These political changes in the UK have had an immediate impact on the type of clients we’re dealing with and the work we’re seeing.’
‘The recent elections in Europe and the formation of a new government in the UK have sparked significant activity in the private client sector,’ says Conyers managing partner Christian Luthi. ‘Our private clients are closely examining legislative changes and evaluating the extent to which our jurisdictions can offer support.’
The reference to tax changes points to one area of uncertainty that the election of a substantial Labour majority government has not resolved. ‘I do think there will be some changes in the dynamics between the UK and offshore centres,’ says Romer. ‘It remains to be seen what Labour chooses to do and where it focuses its attention. There are some high-profile policies, such as VAT on school fees and changes to the UK non-dom regime, that Labour will need to address and seem intent on delivering. The timing and specifics of these changes will be interesting to observe but seem to me to be more ideologically than fiscally motivated.’
Ultimately, the mood among offshore firms after the UK election is one of cautious optimism. Pearce summarises: ‘While a changing government in the UK can bring uncertainty – especially with the Labour Party’s past claims about offshore structures – I believe the true value of offshore to the UK economy is often misunderstood and is, in fact, very positive. With decreasing inflation, and the potential for lower interest rates by summer, I anticipate more stability and structure. I’m more confident now than I was a year ago.’
However, the UK is of course not the world, and areas of risk remain. One of particular concern is China, as Conyers’ Luthi explains. ‘Prior to Covid, Asia’s growth trajectory was constantly, sharply upward, but it has since levelled. While we are in a “wait-and-see” mode, we remain very committed to the region. We are expanding our litigation capabilities in Hong Kong and Singapore and are developing our presence in Shanghai.’
Ogier global managing partner Edward Mackereth attributes this to several factors: ‘Slowdown in Hong Kong is a function of slowdown in the Chinese economy, in particular in real estate. Financing has also been difficult. But there are signs of a bounceback this year. Finance and M&A are both coming back, and there’s been a fair amount of US work coming through in the market as well.’
The reference to US work is notable. Many US law firms have wound down their Chinese operations as tensions between the two countries have risen. But none of the offshore firms interviewed note any desire to pull out of Hong Kong. Indeed, Mackereth sees opportunity in geopolitical shifts: ‘With increased superpower competition, the drive to diversification becomes even more important, as we potentially look to a more regional and less global outlook.’
‘Offshore locations remain very attractive for those seeking a high quality of life, City-style work, and favourable tax conditions.’
Tim Pearce, Bedell Cristin
Growth opportunities
Offshore firms identify several key growth areas. ‘The private capital market has been extremely busy over the last five or six years, and especially post-pandemic’, says Mourant global investment funds practice leader and London managing partner Alex Last. More than just the sheer amount of money that flows through private markets, firms highlight a wider range of opportunities in the sector. Last continues: ‘One of the key trends we have seen is consolidation with the larger asset managers getting bigger and diversifying their product range, either organically or by acquisition. For example, we have seen a number of traditional private equity managers moving into private credit and real estate.’
Maples global managing partner Jonathan Green agrees: ‘The rise of private capital has been a key driver of M&A over the last decade. By providing long-term, expert ownership the industry has helped to accelerate transformation in areas such as tech, and to boost economic productivity by bringing best practices to smaller businesses.’
What Last calls ‘the globalisation of the onshore market’ has also presented opportunity here. ‘On the fund formation side, the same US firms are increasingly as dominant in the European markets as they are in the US,’ he says. ‘This provides an opportunity to leverage the strong relationships we have in Europe in the US/Asia markets (and vice versa).’
Similar dynamics are transforming the offshore market’s approach to private client work. ‘Historically, private client structures were designed for high-net-worth UK resident non-domiciles,’ says Pearce. ‘Nowadays, wealth preservation strategies have evolved. Instead of the traditional second, third, or fourth-generation beneficiaries, we’re seeing a shift where families are corporatising their private wealth structures. Rather than investing in stocks, shares, and real estate, they might deploy their private capital similarly to how private equity firms, banks, or institutional investors would.’
Harneys global managing partner William Peake concurs: ‘There’s definitely a lot of dry powder in the PE space. You’re getting a lot more phone calls in Q4 than you were in Q1. That entire space is going to look very different in the next three or four years.’
As private capital grows more active, though, it also attracts regulatory attention. ‘Family offices are not bound by the same regulations as banks, allowing them to provide credit more swiftly and adaptively, often investing alongside you,’ explains Pearce. ‘This growth area not only benefits private capital structures but also supports related fields like regulatory compliance, disputes, and restructuring.’
He continues: ‘Regulation will eventually catch up with these evolving structures. While private capital structures should not be regulated as strictly as retail banks, which serve thousands of customers, we can expect more controls and protections to be introduced. The challenge is ensuring that offshore jurisdictions do not impose overly stringent regulations that could stifle the flexibility and advantages of private capital structures.’
Last too sees opportunity in increased regulation: ‘Smaller international finance centres like Cayman and Jersey have historically been dominated by the firms that were established first in those jurisdictions. The increased focus on regulation is like an exogenous shock to these markets and has the potential to disrupt how they operate. It creates a huge opportunity for businesses with global reach and perspective.’
One way Mourant is capitalising on this is with its establishment of a regulatory consulting business, first launched in the Channel Islands in 2021 and expanded to the Cayman Islands in May 2023, with the firm in Last’s words ‘looking at other jurisdictions’ in which to extend its offering.
Contentious work, meanwhile, always a good hedge in tough economic times, is also getting a regulatory boost. Mackereth comments: ‘Disputes in general is growing very strongly, driven by an increase in the regulatory environment.’
The rise of ESG has been as much a story offshore as onshore, with many firms pointing to opportunities in both regulatory and finance work. ‘We anticipate ongoing volatility, but also see immense opportunity in sustainable investments,’ says Moller. ‘As more funds are directed towards ESG-compliant ventures, we expect to guide clients through an evolving regulatory landscape.’
Of course, ESG cuts both ways, and regulations apply to law firms as much as they do their clients. As Pearce notes: ‘Internally we face the same pressures as onshore firms to maintain strong ESG credentials. This pressure comes from society at large, bank panel requirements, and our staff, who expect us to demonstrate robust environmental, social, and governance practices. Although the offshore market is smaller, we still serve the same clients as onshore firms. If these clients are under pressure to ensure diversity and environmental stewardship, we face similar expectations.’
At the same time, several offshore jurisdictions resolved their own regulatory problems, with the British Virgin Islands removed from the European Union’s tax blacklist in October 2023 and the Cayman Islands removed from the body’s anti-money laundering (AML) blacklist in January. ‘The BVI had a challenging period towards the end of last year, but the jurisdiction successfully removed themselves from the EU tax blacklist and resolved the issues. Despite a significant reduction in size of its corporate registry over the past five to ten years, the jurisdiction remains substantial and continues to offer plenty of work.’
Green notes that the removal of the Cayman Islands from the AML list has already produced an uptick in work: ‘Since the delisting, there has been an uptick in the incorporation of Cayman Islands SPVs for US warehouse CLOs and a number of CLO migrations back to the jurisdiction also.’
‘Recruitment and retention are definitely challenging in this competitive environment. We’ve had to revisit our compensation structure and focus on offering structured compelling monetary and non-monetary benefits.’
Malcolm Moller, Appleby
The draw of offshore
Offshore firms have not struggled to adapt to the post-Covid norms of hybrid work. But they face similar challenges over changing expectations of workplace culture as onshore firms do – albeit, as one managing partner admits, at a somewhat slower pace. ‘We all now recognise the importance of cultural cohesion and the ability to learn, which is easier when people are in the office,’ says Romer. ‘I don’t think we will return completely to how things were before, but we aim to be flexible if you are flexible with us. It’s about creating an environment where people enjoy being at work, can learn from their experiences, and consequently want to be in the office. That’s the opportunity and the challenge.’
Compensation poses a related challenge. ‘Offshore locations remain very attractive for those seeking a high quality of life, City-style work, and favourable tax conditions,’ says Pearce. ‘With the substantial salaries being offered onshore, particularly in the UK, some people no longer feel the need to relocate for these benefits.’ Similarly, Moller notes that: ‘Recruitment and retention are definitely challenging in this competitive environment. We’ve had to revisit our compensation structure and focus on offering structured compelling monetary and non-monetary benefits like flexible working conditions, performance-based structured bonus scheme and career development opportunities.’
Peake is clear about the pressure facing offshore firms on pay. ‘We are in jurisdictions with a really high cost of living,’ he says. ‘It’s eye-watering, to be honest. Even factoring in the fact that we don’t pay income tax, our salaries need to remain competitive.’
He continues: ‘There’s also the generational division. I was perfectly content to work myself hard, because I was being well paid. But did I want a career progression map at five years’ PQE? I don’t think I did, but that’s only because I wasn’t thinking about it. We as management need to keep an eye on that. We try to spend a lot of time listening to our younger lawyers. We’re very keen to have regular check-ins, rather than to put everything on a once a year appraisal.’
Peake prioritises business development in particular – a skillset that some younger lawyers have struggled to develop in the immediate aftermath of the pandemic. ‘Winning work is the alchemy – it’s what will drive your career forwards’, he says. ‘We look at that quite aggressively, to make sure all our lawyers really know how to do it.’
Peake is similarly thoughtful on lateral hiring. ‘I am neurotic about making sure our culture stays where it is,’ he admits. ‘Culture is such a glib, diluted, overused word – I don’t blame people who eyeroll when I talk about it. But
it’s the air in the tyres of any business, and I’m going to be completely vigilant that one individual isn’t going to have a blast radius that messes with that.’
For Peake, culture is a priority throughout the firm: ‘We’ve woken up to the fact that having pizza parties will not replace good culture.’
Eye on the storm
Of course, there are also challenges unique to the offshore world – including some far more serious than changes to working practices or compensation. Firms in the Caribbean were reminded of this when Hurricane Beryl hit in late June-early July. ‘Cayman and the BVI are known for their resilience in the face of hurricanes, having weathered them before,’ says Pearce. ‘However, this incident underscored the importance of continually testing our preparedness. We’ve reassessed our insurance policies, relocation plans, and overall response strategies. Although the hurricane ultimately diverted and didn’t affect us, it served as a valuable reminder to stay vigilant. We are fortunate to have a well-prepared team on the ground who know exactly what to do in these situations.’
Romer takes a similar view: ‘We’ve dealt with two or three very big hurricanes over the years. We have a hurricane evacuation policy: if anyone needs to leave the island, we cover their evacuation costs, and they can continue working from wherever they choose. We selected our office because it is hurricane-proof, so people could shelter there as well. From both hurricanes and Covid, we’ve learned that we can be very resilient and adaptable, allowing people to work from wherever they need to. We were fortunate with Hurricane Beryl, as it wasn’t a direct hit and it eased off. However, it serves as a reminder to be well-planned and well-prepared, because such events can arise when you least expect them.’
Offshore firms are no strangers to extreme weather. And business continuity procedures are well established. But lawyers should not be complacent. As Peake notes: ‘We have procedures in place to maintain business continuity, but you’re also thinking to yourself, it’s July – I know the hurricane season runs from effectively 1 July, but it’s still very unusual for a hurricane to fully hit in July. It’s not a searing insight for you, but climate change is real, and it’s going to really affect the way we do business, and I don’t think businesses have reckoned with it yet.’
Climate change looms over the offshore market as it does elsewhere, and more immediate concerns from regulation to ESG challenges are ever present. But given the resilience demonstrated by offshore firms in the face of the many challenges presented by recent years, there is little doubt that there is substance behind their optimism for the year ahead.
Appleby
Across its offices, despite a general slowdown in large property transactions and major M&A deals, Appleby has continued to perform strongly in its insurance and reinsurance, structured finance, and compliance practices this year. The firm has seen increased M&A activity, particularly in the technology and green energy sectors, due to significant private capital inflows. Rising interest rates have led to a rise in restructuring and insolvency work, highlighted by Appleby’s role as Bermuda and BVI counsel in the $4.4bn Digicel restructuring.
Appleby has also expanded its presence in the digital assets sector, with a focus on technology, insurance, reinsurance, and compliance. This growth has been driven by regulatory changes and digital innovation, resulting in a robust pipeline of projects and increased expertise in blockchain and digital currencies.
Following the launch of its Shanghai office in August 2023, Appleby’s strategic growth in Asia has continued with key 2024 hires: Ben McCosker for dispute resolution in Shanghai (June); John McCarroll SC for dispute resolution in Hong Kong (May); and Lily Miao for corporate practice in Hong Kong (March).
Globally, the firm has also made several notable appointments this year: Sam Williams joined the dispute resolution team in Jersey (April); Matt Mulry joined the corporate practice in the Cayman Islands; and Nicola Bruce joined in private client and trusts services in Bermuda (January).
Lawyers: 220 Lawyers (78 partners)
Offices: Ten offices, ten locations: Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Hong Kong, Isle of Man, Jersey, Mauritius, Seychelles, and Shanghai
Group managing partner: Malcolm Moller (Mauritius, Seychelles)
Focus: Corporate; dispute resolution; private client and trusts; property; regulatory
Recent standout work: Acting as Cayman Islands counsel for Pegasus Digital Mobility Acquisition Corp in its de-SPAC business combination with SCHMID Group; advising Global Atlantic Financial Group on the $2.7bn sale of its remaining 37% stake to KKR; advising Cartica Acquisition Corp on a $2.75bn AI merger through its Cayman Islands and Mauritius offices.
Bedell Cristin
Bedell Cristin provides comprehensive legal services across corporate/M&A, banking and finance, dispute resolution, and private client sectors, with a notable emphasis on real estate transactions for major investment funds and private equity firms.
This year, the firm has broadened its service offerings within its existing markets. Despite challenges from high inflation and interest rates impacting financial services, the firm has experienced steady growth in litigation, dispute resolution, and insolvency work.
The Cayman market remains resilient, benefiting from strong connections to the recovering US economy. In international private client services, Bedell Cristin has enhanced its focus on tax-efficient structures and wealth preservation strategies in stable jurisdictions such as the Cayman Islands and Jersey. The recent promotion of Daniel Altneu to partner in the Cayman practice underscores the firm’s expansion in this area.
In Asia, particularly South East Asia, the firm has seen growth in digital and virtual asset structures. Jersey and Guernsey, meanwhile, have seen increasing work for structuring wealth from digital assets. Elsewhere in Asia, the Singapore office has strengthened its litigation capabilities to better support teams in the Cayman Islands and the British Virgin Islands.
Lawyers: 78 (32 partners)
Offices: Six (British Virgin Islands, Cayman Islands, Guernsey, Jersey, London, Singapore)
Group managing partner: Tim Pearce (Jersey)
Focus: Banking and finance; corporate and commercial; employment; funds; insolvency and restructuring; international private client; litigation; pensions; regulatory and compliance; wills and probate
Recent standout work: Acting as special foreign counsel to the unsecured creditors committee in the multi-billion-dollar Purdue Pharma matter; advising Blackstone on TISE REIT listings; advising Kroll as liquidators of Bear Stearns in relation to claims against Rating Agencies.
Carey Olsen
Carey Olsen offers a comprehensive range of legal services, including banking and finance, corporate and M&A, investment funds and private equity, insolvency, and property law.
The firm’s corporate practice has been particularly dynamic, playing a pivotal role in several high-profile transactions. Notable achievements include advising on Birkenstock’s New York Stock Exchange listing through its Jersey office and on Visa’s $1bn acquisition of Pismo through its Cayman Islands office. Additionally, the Guernsey office gained prominence by guiding Hipgnosis Songs Fund in its proposed takeover.
In litigation, Carey Olsen has been actively addressing major insolvency and fraud cases. The Guernsey office is leading the high-profile liquidation of Joannou & Paraskevaides (Overseas) Ltd, while the Bermuda team is managing the Vesttoo fraud, one of the most significant scandals in the Bermuda (re)insurance market.
In July the firm introduced a new executive leadership team. Alex Ohlsson, the current group managing partner, will transition to the role of group chairman, succeeding John Kelleher, who will continue as a partner in the Jersey litigation team. Michael Hanson, based in Bermuda, and Simon Marks, based in Jersey, will assume the roles of group managing partners, while Sam Dawson has been appointed managing partner in the Cayman Islands.
In addition, Carey Olsen rewelcomed two former partners: Carly Parrott, who has returned as head of employment in Guernsey, and Tristan Maultby, who rejoined as a banking and finance partner.
Lawyers: 300+ (84 partners)
Offices: Nine (Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Jersey, Cape Town, Hong Kong SAR, London and Singapore)
Group managing partners: Michael Hanson (Bermuda) and Simon Marks (Jersey)
Group chairman: Alex Ohlsson (Jersey)
Focus: Banking and finance; corporate; dispute resolution and litigation; employment, pensions and incentives; family office; investment funds; private client; property law; regulatory; relocation services; restructuring and insolvency; trusts and private wealth
Recent standout work: Advising XBTO on its acquisition of Stablehouse; advising Tian Tu Capital Co Ltd on its HK$1.13bn Hong Kong Stock Exchange listing; representing the joint official liquidators in high-profile clawback claims involving Abraaj Holdings; assisting Babel Holding Ltd with its global restructuring.
Collas Crill
In 2024, Collas Crill restructured into four core practice areas – insolvency and corporate disputes, real estate, private client and trusts, and financial services and regulatory. Collas Crill continues to drive forward its global expansion from offices in the BVI, Cayman, Guernsey, Jersey, and London.
This year, the firm experienced notable growth in several key areas. Corporate and financial services in the BVI surged, driven by political and policy changes. The January merger with Jersey-based Ward Yates strengthened the firm’s corporate, finance, and trust expertise, bringing in partners Victoria Yates and Nick Ward as well as a senior associate and a practice manager.
In Jersey the private client and trusts team also expanded with the January addition of partner James Sheedy. In litigation, merger appraisal cases in the Cayman Islands increased by over 25% year-on-year, leading to the February promotion of Zachary Hoskin to the partnership in the Cayman office’s insolvency and corporate disputes team.
Guernsey and Jersey’s property markets showed strong recovery, buoyed by political changes in the UK and renewed interest from ultra-high-net-worth individuals. Leadership changes included Gareth Bell becoming managing partner in Guernsey in January, succeeding Christian Hay.
Lawyers: 90 (40 partners)
Offices: Five (Guernsey, Jersey, British Virgin Islands, Cayman Islands and London). London does not have any practising lawyers in the office
Group managing partner: Jason Romer (Jersey)
Focus: Insolvency and corporate disputes; real estate; private client and trusts; financial services and regulatory
Recent standout work: Advising Interpath as joint receivers of Port Link GP Ltd and The Port Fund LP in a $100m breach of fiduciary and unlawful means conspiracy claims by Kuwaiti state-owned entities; advising Cayman Fund Holt SPC on the appointment of restructuring officers over two individual portfolios within a segregated portfolio company; representing the JOLs of insolvent Jersey company Golden Sphinx in recovering £81m in assets.
Conyers
In 2024, Conyers has achieved significant progress across its global operations. In Bermuda, the firm has been particularly active in the shipping, insurance, and energy sectors. The office has also seen a rise in private client work, spurred by new elections and evolving taxation regimes.
In the Cayman Islands, Conyers has continued to solidify its position, guided by a strategic plan developed over the past four to five years. The firm’s expertise in insurance, corporate, and regulatory matters has strengthened its market presence. Notable work in Cayman this year came from the litigation team who played a key role, advising the ad hoc group of creditors in the $4.53bn cross-border Chapter 11 and UK administration restructuring of Cineworld.
In Asia, despite a challenging year marked by geopolitical tensions and US-China decoupling, Conyers remains committed to the region. The firm has bolstered its litigation capabilities in Hong Kong with the addition of Anna Lin and has expanded its presence in Shanghai. Although the post-Covid recovery in Asia has been slower than expected, Conyers is focused on growing its operations and supporting clients. Hong Kong highlights include advising Amer Sports Inc. on its $1.37bn IPO and NYSE listing.
Lawyers: 154 (69 partners/directors)
Offices: Seven (Bermuda, British Virgin Islands, Cayman Islands, Hong Kong, London, Singapore, Toronto)
Group managing partner: Christian Luthi (Bermuda)
Focus: Corporate (including aviation, banking and finance, capital markets, investment funds, insurance, M&A, private equity/venture capital and shipping); litigation and restructuring; private client and trust
Recent standout work: Advising Digicel on Bermuda schemes of arrangements pursuant to $3.8bn cross-border restructuring; advising Viking Holdings Ltd on its $1.77bn upsized initial public offering; advising Marwyn Acquisition Company II Ltd in relation to its proposed acquisition (via its subsidiary MAC II UK Ltd) of InvestAcc Group Ltd.
Harneys
Harneys continued to grow in the second year of William Peake’s tenure as global managing partner, with Nick Hoffman named global litigation and insolvency practice head in January and Carolynn Vivian taking over his old role as Cayman Islands managing partner effective 1 April this year. In addition, Richard Reid was appointed the firm’s chief people officer, also effective 1 April; Andrea Moundi Savvides was appointed global director of risk and compliance in December 2023; and Henry Tucker came in from Carey Olsen in November 2023 as Bermuda managing partner. John O’Driscoll joined from Walkers as head of the London litigation, insolvency and restructuring group in November, while Jessica Williams and Ben Hobden were appointed co-heads of the Cayman Islands litigation, insolvency and restructuring practice group effective 1 May this year, and Janine Louie was made IT applications and development director in a March promotions round.
In July, it also announced the completion of the sale of its fiduciary business Harneys Fiduciary to PE firm HillHouse Investment.
‘It’s been a very strong year for us as a business’, says Peake. ‘I spend a lot of time travelling around our offices and taking the pulse of the business, and right now it feels very solid.’ He continues: ‘We’ve really revitalised our Bermuda offering, with our hire of Henry Tucker from Olsen. He’s made a real difference – he’s a really energetic guy, really entrepreneurial, and has a genuine kindness too.’ On O’Driscoll’s hire, Peake comments: ‘John and Rachel Graham have been really working cheek to jowl on hitting refresh on that office.’
The firm has seen strong levels of activity across its contentious and non-contentious practices, with notable mandates in contentious insolvency, including defending the general partner and investment manager of One Thousand & One Voices in proceedings issued by limited partners to remove and transfer the powers of the GP to a newly appointed liquidating agent, and acting as BVI counsel to the joint liquidators of Phoenix BVI in connection with an application brought by ASOR to have it removed from the settled list of members. Meanwhile, non-contentious highlights include advising Melco International Development Ltd and Integrated Casino Resort in a range of matters related to the Republic of Cyprus’s first casino licence.
Lawyers: 180 (56 partners)
Offices: 11 (Bermuda, British Virgin Islands, Cayman Islands, Montevideo, São Paolo, Hong Kong, Shanghai, Singapore, Cyprus, London, Luxembourg)
Global managing partner: William Peake (London)
Focus: Family offices; private equity; digital assets and blockchain; shareholder disputes; contentious insolvency and debt restructurings; fund disputes; fraud and asset tracing/enforcement
Recent standout work: Acting as lead global counsel for the SPGK Group in a multijurisdictional dispute (US, Singapore, and Cayman Islands) over money generated by SPGK’s business with various parties seeking to gain control over SPGK’s funds, with a trial to determine the ownership of approximately $250m expected in 2025; acting as Cayman and BVI counsel to China Aoyuan Group on its $6.2bn debt restructuring; advising Melco International Development Ltd and Integrated Casino Resort on regulatory issues, structuring, corporate matters, operation, employment, and implementation, in relation to the first and only casino resort licence with the government of the Republic of Cyprus.
Maples
Maples closed out the 2023 calendar year with a series of strategic appointments across its global and local management teams. Chris Capewell was appointed global regulatory practice leader, Tina Meigh was appointed global finance practice leader, and Finn O’Hegarty and Suzanne Correy were appointed co-heads of the firm’s global Latin American practice. Each named lawyer is based in the Cayman Islands. At the same time, Chris Newton was appointed British Virgin Islands office managing partner following Richard May’s retirement. In addition, the firm hired Yann Hilpert from AKD into its Luxembourg office as finance co-head this May.
The firm moved to a new London office in April, and in March it extended its collaboration with legal tech provider Harvey, expanding its use of the generative AI technology from a pilot scheme to a group of over 140 partners and select senior professionals.
Notable Maples mandates in the last year included fielding a team of lawyers from across its dispute resolution and insolvency, corporate, and finance practices to act as Cayman Islands counsel on the transfer of ownership of Inter Milan Football Club to Oaktree, acting as BVI and Cayman Islands counsel to Biohaven on its $230m public offering, and advising Screaming Eagle on its $4.6bn combination with Lionsgate Entertainment’s studio business.
Lawyers: 354 (143 partners)
Offices: Nine (British Virgin Islands, Cayman Islands, Dubai, Dublin, Jersey, London, Luxembourg, Hong Kong, and Singapore)
Global managing partner: Jonathan Green (Cayman Islands)
Focus: Corporate; finance; dispute resolution and insolvency; funds and investment management; tax; trusts and private client; regulatory and financial services advisory
Recent standout work: Advising Screaming Eagle on its $4.6bn combination with Lionsgate’s studio business; acting as Cayman Islands counsel on the transfer of ownership of Inter Milan Football Club to Oaktree; and acting as BVI and Cayman Islands counsel to Biohaven on its $230m public offering.
Mourant
Mourant continued to grow over the last year, opening an office in Singapore in October 2023 with its hire of Maples funds partner Craig Luton. ‘Singapore is a particularly sophisticated administration market,’ says global investment funds practice lead Alex Last. ‘It is very much a gateway into South East Asia. We are excited about our office and the growth potential.’ The firm also continues to build its regulatory consulting business, which expanded to the Cayman Islands in May 2023, and to grow its Luxembourg office. Last explains the firm’s strategy: ‘We are focused on being one of the leading global service providers to the private funds market. That is the common thread running through all of our strategic investments, whether it is consulting, moving into Luxembourg or fund administration.’
Key work in funds included advising CVC Capital Partners on the establishment of its sixth Asia fund, CVC Capital Partners Asia VI. A Mourant team from the firm’s Jersey office worked alongside lead counsel Simpson Thacher to close a fund with commitments of $6.8bn. The firm also advised CVC Capital Partners on its mammoth €26bn CVC Capital Partners IX last August.
Other notable personnel changes included bringing in SANNE Jersey country head Stephanie Webb as head of funds services in September, promoting Paul Christopher to managing partner for Asia in October, and promoting Aldric Grosjean to Luxembourg managing partner this July.
Lawyers: 265 (76 partners)
Offices: Nine (British Virgin Islands, Cayman Islands, Guernsey, Hong Kong, Jersey, London, Luxembourg, Mauritius, Singapore)
Global managing partner: Jonathan Rigby (Jersey)
Focus: Corporate; banking and finance; regulatory; investment funds; restructuring and insolvency; dispute resolution; private client; private equity; private capital and asset management
Recent standout work: Advising L Catterton Asia Acquisition (LCAA) on its business combination with Lotus Technology; advising CVC Capital Partners on the establishment of its CVC Capital Partners Asia VI fund; and acting as Cayman Islands counsel for AviLease on a $2.1bn bridge financing for its $3.6bn acquisition of Standard Chartered Group’s aviation finance leasing business Pembroke Aircraft Leasing.
Ogier
Ogier had a strong year across both contentious and non-contentious work, with dispute resolution accounting for a significant portion of the firm’s overall turnover. ‘We registered growth in all but one of our offices last year, and we had growth rates of around 10%, which is pretty similar to what we’ve had over the last few years,’ says global managing partner Edward Mackereth. ‘The one exception was Hong Kong, which was flat last year, although there were some areas that outperformed in Hong Kong too.’ Notable mandates included advising Chinese EV maker Zeekr on its $441m IPO and Pismo on its $1bn acquisition by Visa, while its Cayman office advised on more than $7bn of SPAC listings and de-SPACs in 2023. Other areas of strength include restructuring and insolvency, IP, regulatory, and private wealth.
The firm opened in Dubai in November 2023, bringing its total number of offices up to 13. Dubai is one of Ogier’s major growth offices, alongside Dublin, London, and Luxembourg. It also sees the Cayman Islands as a strategic priority, with investment in North America and Latin America-facing funds work in particular.
Nine new partners were made up in 2023-24, with a further four joining the firm as lateral hires: Hong Kong dispute resolution and restructuring and insolvency partner Joanne Collett joined from Walkers in May; Hervé Leclercq joined the Luxembourg funds team from Luther S.A. in April; Jersey corporate partner Bruce Scott rejoined the firm from Bedell Cristin in London in March; and Matheson partner Oisin McClenaghan joined as Ireland investment funds team head in Dublin.
Lawyers: 433 (118 partners)
Offices: 13 (Beijing, British Virgin Islands, Cayman Islands, Dubai, Guernsey, Hong Kong, Ireland, Jersey, London, Luxembourg, Shanghai, Singapore, Tokyo)
Global managing partner: Edward Mackereth (Jersey)
Global senior partner: Rachael Reynolds (Cayman)
Focus: Banking and finance; corporate; dispute resolution; IP; FDI; funds; private equity; private wealth; regulatory; restructuring and insolvency; sustainable investing; tax; tech and web3
Recent standout work: Advising Zeekr on its $441m IPO; advising Pismo on its $1bn acquisition by Visa; and advising Wildstone on its £350m refinancing.
Walkers
Walkers marked its 60th anniversary in 2024 – a year that also saw it celebrate 15 years in Singapore after 2023 marked its 20th year in Hong Kong. The firm promoted five partners, 12 senior counsel, and 12 corporate services professionals in July. In June it brought Jody Toner back into its Dublin office from OBL Solicitors as head of real estate in Ireland, one of eight partner recruits during the year, alongside the hire of seven senior counsel and seven senior corporate services professionals.
Lawyers: 400 (150 partners)
Offices: Ten (Bermuda, British Virgin Islands, Cayman Islands, Dubai, Guernsey, Hong Kong, Ireland, Jersey, London, Singapore)
Global managing partner: Ingrid Pierce (Cayman)
Focus: Asset management and investment funds; asset finance; banking and finance; corporate; dispute resolution; fintech; fund finance; insolvency and restructuring; insurance; private capital and trusts; regulatory and compliance; real estate; employment
Recent standout work: Acting as Cayman Islands counsel on Finastra Group’s $5.32bn refinancing; advising Saudi drilling firm ADES Holding Company in securing a $3bn dual-currency debt facility; acting as counsel to Bo Wang Re (Bermuda) Ltd in acquiring its licence as an Innovative Insurer; and advising GLAS as the security trustee on Oaktree’s acquisition of Inter Milan, after the Italian football club’s former majority owner failed to repay a loan in the amount of €395m. LB